Rank and Mecca Bingo Decide To Take Guoco’s Offer?
It has been less than a month since Rank recommended that its shareholders ignore the bid from Guoco and look out for something bigger. According to reports, it was a 150p per share bid, something that was evidently below the market value.
Looking at the advice given by Rank to against the bid, one would think that the company is not supportive of the deal but just a while back Rank decided to take the offer from Guoco, an investment firm hailing from Malaysia.
Many of the parties involved in the Rank Group are still not in favour of the Guoco `bid, however, the unanimous agreement was based on the fact that if they failed to take the offer from Guoco, they would jeopardize the company’s stance with the shareholders. When the company is not doing so well, the right way to go about it is doing a bit of damage control and that is exactly the approach Rank is taking.
The public opinion of Rank, which also owns Mecca Bingo, has so far been skeptical and the group has released its performance results for the year 2011 and the revenue has increased by 4%. An increase in revenue in the given economic condition is certainly a positive thing and Rank feels that this will give them their edge back to take charge again, however, it is not that simple.
The future of the Rank Group looks quite ambiguous and even more so when it comes to Mecca Bingo, considering it is one of the biggest bingo players in the market. Will Mecca Bingo sell itself without a fight? We’ll have to wait and watch.
Megabucks Bingo is where people come to play bingo and help raise funds for good causes. This bingo hall has been helping support and raise funds for a good number of charitable groups and organizations. In And, the most recent cause was the American Prostate Cancer [...] Read More>>
Nine defendants, who were indicted by the US Department of Justice (DOJ) eight months back on various charges of bingo corruption, were relieved when their bingo case finally came up for hearing. This week, a federal court based in Montgomery set into motion the jury [...] Read More>>
While the poker industry is fluctuating and floundering in the aftermath of Black Friday, the online gaming businesses are seeking to promote other gaming sectors like bingo. Bingo Entertainment, one of the top providers of bingo gaming services, recently announced that its revenue had picked up [...] Read More>>
Subsequent to implementing a search warrant at two gaming centers at Alabama, which includes the one in Greenetrack in Greene County, the Attorney General’s office seized seven hundred machines earlier today. The incident has recurred yet again at the same gaming center after 800 bingo [...] Read More>>